MNA vs. AGG
Compare and contrast key facts about IQ Merger Arbitrage ETF (MNA) and iShares Core U.S. Aggregate Bond ETF (AGG).
MNA and AGG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MNA is a passively managed fund by New York Life that tracks the performance of the IQ Merger Arbitrage Index. It was launched on Nov 17, 2009. AGG is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Aggregate Bond Index. It was launched on Sep 22, 2003. Both MNA and AGG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MNA or AGG.
Key characteristics
| MNA | AGG | |
|---|---|---|
| YTD Return | -1.10% | -1.91% |
| 1Y Return | -0.95% | -0.44% |
| 3Y Return (Ann) | -2.14% | -3.17% |
| 5Y Return (Ann) | 0.28% | 0.09% |
| 10Y Return (Ann) | 1.75% | 1.29% |
| Sharpe Ratio | -0.12 | -0.08 |
| Daily Std Dev | 5.20% | 6.78% |
| Max Drawdown | -16.68% | -18.43% |
| Current Drawdown | -6.96% | -11.83% |
Correlation
The correlation between MNA and AGG is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Performance
MNA vs. AGG - Performance Comparison
In the year-to-date period, MNA achieves a -1.10% return, which is significantly higher than AGG's -1.91% return. Over the past 10 years, MNA has outperformed AGG with an annualized return of 1.75%, while AGG has yielded a comparatively lower 1.29% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MNA vs. AGG - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than AGG's 0.05% expense ratio.
Risk-Adjusted Performance
MNA vs. AGG - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and iShares Core U.S. Aggregate Bond ETF (AGG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Dividends
MNA vs. AGG - Dividend Comparison
MNA's dividend yield for the trailing twelve months is around 1.22%, less than AGG's 3.42% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.22% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% | 0.00% | 0.99% |
AGG iShares Core U.S. Aggregate Bond ETF | 3.42% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.96% | 2.32% | 2.39% | 2.45% | 2.40% | 2.32% |
Drawdowns
MNA vs. AGG - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for MNA and AGG. For additional features, visit the drawdowns tool.
Volatility
MNA vs. AGG - Volatility Comparison
The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.74%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.96%. This indicates that MNA experiences smaller price fluctuations and is considered to be less risky than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.